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Feb 1, 2012
02/12
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crude and lk wid and opec liquids. we also need to talk about irannd the impact sanctions. with when we look at the potential countries that iran could divert its european supply to, we don't see a lot of them. and we don't see a lot of countries willing to be more reliant on iranian barrels. so will's a good chance by the end of the year if the eu move the iran will have to shut down 400,000, 500,000 a day that need to be produced by other producers. forcing opec to reproduce more, reducing the spare capacity, which is not very large to start with. that would make oil and market pretty nervous. finally, from the u.s. perspective, the development of oil production and decline in oil demand mean security and reliability of supplies rising. last year i was asked where do i believe the best place continue to vest? answered answered to many of you were surprised to it's the united states. and we see that now where we have the full revolution, if you want, in gas being translated to oil. we believe by 2020 the united states
crude and lk wid and opec liquids. we also need to talk about irannd the impact sanctions. with when we look at the potential countries that iran could divert its european supply to, we don't see a lot of them. and we don't see a lot of countries willing to be more reliant on iranian barrels. so will's a good chance by the end of the year if the eu move the iran will have to shut down 400,000, 500,000 a day that need to be produced by other producers. forcing opec to reproduce more, reducing...
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Feb 1, 2012
02/12
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on the other hand we think that non-opec oil supply and opec gas liquids, which are not subject to production restraints will bound by as much as 1.6 million barrels per day combined. at current opec production levels, this would imply some slack in the market and recovery in world oil stocks, which are well below five-year averages after near a year of steady decline. however, it appears more likely that opec producers will trim supply by around half a million barrels per day to produce at 30 million barrel per day. this would hold inventory levels roughly where they are now, which, as i said, pretty short supply. although huge uncertainty surrounds the ability of non-opec supplied to rebound from the awful year it suffered in 2011, a lot of unplanned outages, me and many of our analytical peers believe it can. higher oil prices have put some expansion projects elsewhere back on track the application of shale technology has transformed u.s. upstream oil prospects as the doctor said. light tight oil alone could grow by 250,000 barrels her day to reach 870,000 barrels per day in 2012. increase
on the other hand we think that non-opec oil supply and opec gas liquids, which are not subject to production restraints will bound by as much as 1.6 million barrels per day combined. at current opec production levels, this would imply some slack in the market and recovery in world oil stocks, which are well below five-year averages after near a year of steady decline. however, it appears more likely that opec producers will trim supply by around half a million barrels per day to produce at 30...
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Mar 29, 2012
03/12
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in total as of today, we'd million barrels a day of non-opec production is out unexpectedly. that's more than we would expect, part of the reason why the market is still balanced despite the very high rate of opec production that we're seeing at the moment. so, again, it's very hard to factor in by definition as unexpected factors but i think they are significant feature of the current market. the fifth point is just on demand, demand growth is continuing. it's modest at a global level, very heavily concentrated. if you take brazil, india, china, saudi arabia, those four countries alone just as they have over the past five years, constitute virtually all of the net global demand growth outside those four demand has been falling for a long period. some specific features for tension to fukushima, on japanese demand, now expected to be falling as it has done but very strong japanese demand last year, primarily for lng but also for oil and for this year we think some of that increase is the nuclear plants continue to stay down is going to be toward oil. as of now with the 54 japa
in total as of today, we'd million barrels a day of non-opec production is out unexpectedly. that's more than we would expect, part of the reason why the market is still balanced despite the very high rate of opec production that we're seeing at the moment. so, again, it's very hard to factor in by definition as unexpected factors but i think they are significant feature of the current market. the fifth point is just on demand, demand growth is continuing. it's modest at a global level, very...
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welcome to the program the chief said opec have knocked back warnings from around the e.u.'s decision to impose an embargo will lead to skyrocketing oil prices the organisation's general secretary says a fair price of a barrel of bread should be about one hundred dollars instead of the current one hundred and twelve dollars that we're seeing right now he adds that the market is very well supplied and to discuss where crude prices are going now joined live by david the global director well it industry research is plats david good to see you so opec says one hundred dollars iran says under fifty who is right. dimitri i think what that tells you is that the oil market as many of your viewers will know is is trapped in a little bit of a channel right now one hundred to one hundred fifty is kind of the conventional wisdom you know a couple of years ago when oil was on its giant rally it touched one hundred fifty ever so briefly before the recession that followed and what's on people's minds including consumers in asia is that if it gets that hundred fifty mark again it could begi
welcome to the program the chief said opec have knocked back warnings from around the e.u.'s decision to impose an embargo will lead to skyrocketing oil prices the organisation's general secretary says a fair price of a barrel of bread should be about one hundred dollars instead of the current one hundred and twelve dollars that we're seeing right now he adds that the market is very well supplied and to discuss where crude prices are going now joined live by david the global director well it...
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Feb 1, 2012
02/12
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on the other hand, we think that non-opec oil supply and opec black gas liquids, which are not subject to production restraints, will rebound by as much as 1.6 million barrels per day combined. at current opec production levels, this would include some slack in the market. however, it appears more likely that opec producers will trim supply by around 500,000 barrels per day to produce at 30 million barrels per day. this would hold inventory levels roughly where they are now, which is, as i said, pretty short supply. although huge uncertainty surrounds the ability of non-opec supply to rebound from the awful year it suffered in 2011, there were a lot of unplanned
on the other hand, we think that non-opec oil supply and opec black gas liquids, which are not subject to production restraints, will rebound by as much as 1.6 million barrels per day combined. at current opec production levels, this would include some slack in the market. however, it appears more likely that opec producers will trim supply by around 500,000 barrels per day to produce at 30 million barrels per day. this would hold inventory levels roughly where they are now, which is, as i...
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Dec 12, 2012
12/12
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tensions run high at the opec meeting. the eoe says there must be a response to the oil market that's oversupplied: >> we're, of course, concerned that there will be a certain level of overproduction over the next 18 month or so if the production continues. >>> italy likely to see a strong uptick at the first bond auction after mario monti announced his intention to step down. >>> the international community blast north korea after it successfully launches a long-range rocket prompting an emergency u.n. security council meeting. >>> employment numbers out of the u.k. look strongerment remembe-- stronger. we thought there might be wider unemployment it fall. the claiming count actually down 3,000. the polls forecasting the number of people claiming unemployment benefits to rise. the jobless number down by 82,000 in the last three months through october. the rate 7.8. the employment up by another 40,000 to 29.601 million. the yen another highest on record. still no pressure from wages, average weekly earnings 1.8%. the annua
tensions run high at the opec meeting. the eoe says there must be a response to the oil market that's oversupplied: >> we're, of course, concerned that there will be a certain level of overproduction over the next 18 month or so if the production continues. >>> italy likely to see a strong uptick at the first bond auction after mario monti announced his intention to step down. >>> the international community blast north korea after it successfully launches a long-range...
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doesn't surprise you a bit that opec does not really want to see oil prices even as high as they are right now wouldn't they be actually interested in having high oil prices therefore higher revenues. well you know dimitri you would have thought so but the concern of the the great wise men of opec in the last couple of years has been to try and shore up its reputation as a reliable supplier a reliable partner if you like if you look at it from opec's point of view their reputation has taken a hammering in asia pacific particularly with the japanese and the koreans who've just been distressed by by the economic impact of the arab spring and the disruption they felt coming their way through the shock the supplies leading from the libyan cuts last year talk constantly of other kinds of disruptions so what opec trying to do right now is talk for the long term five ten fifteen years down the road and they're trying to reassure consumers particularly asian consumers that they're there for the long haul and that they're not interested in seeing higher prices and let's not kid ourselves one
doesn't surprise you a bit that opec does not really want to see oil prices even as high as they are right now wouldn't they be actually interested in having high oil prices therefore higher revenues. well you know dimitri you would have thought so but the concern of the the great wise men of opec in the last couple of years has been to try and shore up its reputation as a reliable supplier a reliable partner if you like if you look at it from opec's point of view their reputation has taken a...
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Feb 1, 2012
02/12
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ecuador is a member of opec. i don't want to suggest north dakota's going to join opec, but it does give you a sense of the context, how big that increase has been. looking out over the next decade, when we look at the potential for the u.s. and canada combined, we see the potential for u.s. and canadian production from 2008 to 2020. over that 12-year period, to grow by about 4 million barrels per day. that's more than what iran produces today. that's the potential, it's quite significant. on the demand side, we've seen peak demand. we believe u.s. demand for oils peaked in 2005. and given these supply and demand trends, imports in 2020 are likely to be well below what they were as likely in 2005. and for illustrative purposes, if you've seen the price of oil's $100 in 2020. and given these demand and supply trends, the u.s. import bill for oil could be about $182 billion less than what it otherwise would be. and that $182 billion is about one third of the 2011 trade deficit, the entire trade deficit. these gains
ecuador is a member of opec. i don't want to suggest north dakota's going to join opec, but it does give you a sense of the context, how big that increase has been. looking out over the next decade, when we look at the potential for the u.s. and canada combined, we see the potential for u.s. and canadian production from 2008 to 2020. over that 12-year period, to grow by about 4 million barrels per day. that's more than what iran produces today. that's the potential, it's quite significant. on...
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Feb 8, 2012
02/12
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how about opec? in 2011, $118 billion trade deficit. 2010, $95 billion. 2009, $62 billion. 2008 when we were buying a lot of oil from them, $178 billion trade deficit. now, this is pretty amazing to me that we have an opportunity to make something and sell things to them rather than us sending more money to them is an opportunity for us to grow jobs. now i'd be particularly concerned that massachusetts is touting that its number three export market is china. maybe what -- you might want to test out this amendment is to start off preventing massachusetts from exporting to china and the a u to see how it fares when they have to import more than they export. in this country we make things and we sell to other countries and that helps create jobs. what we refine oil and sell diesel fuel to other countries, that is exporting things and bringing back money so we can have jobs. when we make steel, when we make so many other products, we sell it, we get the money. we have our jobs here. now, i am really tire
how about opec? in 2011, $118 billion trade deficit. 2010, $95 billion. 2009, $62 billion. 2008 when we were buying a lot of oil from them, $178 billion trade deficit. now, this is pretty amazing to me that we have an opportunity to make something and sell things to them rather than us sending more money to them is an opportunity for us to grow jobs. now i'd be particularly concerned that massachusetts is touting that its number three export market is china. maybe what -- you might want to test...
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we begin with talking about opec opec's problem is that most of those countries in opec cannot afford to sell their oil for less than about let's i'll give you a number eighty to ninety ninety five dollars a barrel if they don't get ninety five dollars a barrel for the oil that they're exporting their countries run national deficits they're there they're in there they're in the red yeah it's an interesting point i want you to hold that thought i will show our viewers a chart of that when we get back so i want to talk a little about the politics behind those oil various environmental when we get back and also nuclear and not more natural gas and all these other alternatives so this is fire and king a gore financials oil and energy expert and we'll be back in a few minutes with him also still ahead we talk a lot about gold and silver on this show but what about industrial metals like copper well we'll have more firing pin on it after the break but first your closing market numbers. well going through the. science technology innovation all the latest developments from around russia we've
we begin with talking about opec opec's problem is that most of those countries in opec cannot afford to sell their oil for less than about let's i'll give you a number eighty to ninety ninety five dollars a barrel if they don't get ninety five dollars a barrel for the oil that they're exporting their countries run national deficits they're there they're in there they're in the red yeah it's an interesting point i want you to hold that thought i will show our viewers a chart of that when we get...
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Mar 10, 2012
03/12
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yet it's artificially set by opec. speculators are bad but they don't have the impact that opec has. let's get them over here, fellas it's over. it's not going to continue. i can't believe obama would go into the presidency this next election because he could lose it despite george will with his more on i can statement. he would ko lose it if oil prices go up. i can't believe obama is speaking to opec. >> greta: i'm familiar with george's statement. >> he made a statement he doesn't think the republicans are going to be winning the presidency. they should focus on congress. they should focus on senate and congressional races. i think it's ridiculous. some of the polls i see have mitt romney leading. soe for him to make that statement. he is not a great one. this is not the smartest guy out there. i've watched this for years. i have watched predictions he's made, many winning predictions and negative force for the republican party. >> greta: something makes me think you don't like george will? >> but you are not going t
yet it's artificially set by opec. speculators are bad but they don't have the impact that opec has. let's get them over here, fellas it's over. it's not going to continue. i can't believe obama would go into the presidency this next election because he could lose it despite george will with his more on i can statement. he would ko lose it if oil prices go up. i can't believe obama is speaking to opec. >> greta: i'm familiar with george's statement. >> he made a statement he doesn't...
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Jun 13, 2012
06/12
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does that threaten to marginalize opec? >> every indication we have is that output in america is going to increase from nonconventional sources. but there is no need f-- it's nt that opec will be a marginal supplier. it's that more countries will be participating. >> maybe not participating in opec itself. thank you for your time. back to you. >> thank you for that. by the way, you doing a little waltz later or try out some of the pastries? >> i have tried the pastries. i love the coffee. it's a milange, it's a latte, delicious, some croissants and chocolate wafers and a sausage with mustard. i'm getting a taste of vienna. >> that sounds more american. kelly, thanks for this. catch you later. i know you're contributing a lot today for the u.s. as well. we also apologize for the sound quality on that interview. >>> remind you what's on the agenda in u.s. producer prices are forecast to drop by 0.8% and 0.2%. also at 8:30, may retail sales. expected to slip 0.3%. and at 10:00 april business inventories are out. >>> jamie dimo
does that threaten to marginalize opec? >> every indication we have is that output in america is going to increase from nonconventional sources. but there is no need f-- it's nt that opec will be a marginal supplier. it's that more countries will be participating. >> maybe not participating in opec itself. thank you for your time. back to you. >> thank you for that. by the way, you doing a little waltz later or try out some of the pastries? >> i have tried the pastries....
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Feb 28, 2012
02/12
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you talk about opec, he gets the opec situation and will do something about it. it can happen well for this country. i hope he wins. if he doesn't win, it would definitely not be a good thing, not for the congress or the republican party. i think he is going to win. >> neil: do you think it increases the likelihood of a brokered convention? >> it would prolong the race. i don't know about a brokered convention. i think he is going to do fine. people are really liking him and starting to like him a lot. i have a lot of friends that really weren't sure and now they are liking him a lot. they are very smart people. i have gotten to know him very well over the last few months and i think he would beat president obama. >> neil: what about rick santorum, governor romney was critical of santorum campaign robo call efforts that remind democrats there, to remind them to vote against romney because he was against the auto bailouts nevertheless, romney was arguing that supporting an administration, obama and senator weren't hand in hand in this, they were complicit on this?
you talk about opec, he gets the opec situation and will do something about it. it can happen well for this country. i hope he wins. if he doesn't win, it would definitely not be a good thing, not for the congress or the republican party. i think he is going to win. >> neil: do you think it increases the likelihood of a brokered convention? >> it would prolong the race. i don't know about a brokered convention. i think he is going to do fine. people are really liking him and...
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Jun 14, 2012
06/12
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. >> the politics of opec are difficult as well. more on what to expect out of the meeting later today. behind me, we'll leave you a shot of the hofford palace, where meetings are already under way. >>> welcome back to the program. i'm kelly evans. not in london, i'm in vienna, in front of the hoffburg palace where behind me the opec seminar is taking place ahead of the opec ordinary meeting that will start this afternoon at about 3:00 ordinary time. the key question, of course, is whether opec members will agree to keep the current production quota at 30 million barrels a day. and perhaps more importantly, whether they'll reign production in so that it will meet that level, given that we're running 1.5 million barrels above that in recent months. i caught up with certain members of the committee, the libyan oil minister, here's what he had to say about the meeting. >> i think we're in the market of supply and demand, not for the sake of lowering production but having a stabilized price is the issue. >> would you prefer to see price
. >> the politics of opec are difficult as well. more on what to expect out of the meeting later today. behind me, we'll leave you a shot of the hofford palace, where meetings are already under way. >>> welcome back to the program. i'm kelly evans. not in london, i'm in vienna, in front of the hoffburg palace where behind me the opec seminar is taking place ahead of the opec ordinary meeting that will start this afternoon at about 3:00 ordinary time. the key question, of course,...
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Sep 4, 2012
09/12
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donald trump is blaming pain at the pump on opec and president obama. >> opec can't wait. they are so greedy, they just keep going. they'd love to see obama get in. they are dying to have obama get in. they can't wait that extra 70 days. >> if you think gas prices are bad now, just wait. former shell oil executive jon hofmeister sees gas prices hitting 5 bucks a gallon. >>> later, organic food. is it a giant rip-off? i'll talk with a stanford university professor who said organic food has far less health benefits than originally thought. >>> the occupy movement makes its voice heard at the dnc, the democratic national convention this week. is anybody listening? i'll speak with two of the leaders. this country was built by working people. the economy needs manufacturing. machines, tools, people making stuff. companies have to invest in making things. infrastructure, construction, production. we need it now more than ever. chevron's putting more than $8 billion dollars back in the u.s. economy this year. in pipes, cement, steel, jobs, energy. we need to get the wheels turnin
donald trump is blaming pain at the pump on opec and president obama. >> opec can't wait. they are so greedy, they just keep going. they'd love to see obama get in. they are dying to have obama get in. they can't wait that extra 70 days. >> if you think gas prices are bad now, just wait. former shell oil executive jon hofmeister sees gas prices hitting 5 bucks a gallon. >>> later, organic food. is it a giant rip-off? i'll talk with a stanford university professor who said...
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Aug 16, 2012
08/12
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they so what china is doing and opec is doing and what every country is doing. we don't have a country that we do business with, where we are deal doing well. everybody takes advantage of the patsy. we are viewed as the patsy, the foolish, stupid, use any word you want to use, a real weak, ineffective group of people and group of leaders. so i think whether they have low or high unemployment, they look at the country and they see what is happening and i think that the republican candidate in the name of mitt romney is going to win. >> greta: all right. suppose you couldn't run your business enterprise at all. suppose that governor mitt romney is elected president. you could pick any job in the administration. what do you think donald trump would be best suited for and enjoy most? >> first of all, i am not looking for a job. >> greta: i know you are not. what would be intriguing to you? >> i happening i would be a great job at secretary of commerce because i wouldn't let clina rip us off and india and all of these countries that are taking advantage and very inte
they so what china is doing and opec is doing and what every country is doing. we don't have a country that we do business with, where we are deal doing well. everybody takes advantage of the patsy. we are viewed as the patsy, the foolish, stupid, use any word you want to use, a real weak, ineffective group of people and group of leaders. so i think whether they have low or high unemployment, they look at the country and they see what is happening and i think that the republican candidate in...
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Mar 14, 2012
03/12
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we keep consider we have a look at what's going on in the opec and non-opec countries to bring these things together in our monthly report. >> thank you very much. of course, the action still considers here in kuwait. for now it's back to you, chloe. >> thanks so much for that. certainly opec trying the best they can, but certainly they are balancing out issues involving the non-opec issues and that also explains why energy prices have been high, and that factor plus falling passenger growth some of the headwinds hitting asia's top airlines. cathay say they're feeling the impact. they say its cargo business will continue to remain under pressure. you've got some numbers from its earnings today. cathay lost 8% of its value last year. let's try to get some more insight. we have the ceo from cathay joining us from hong kong. thank you very much for giving us your time. your revenues were higher but profit down 60%. you attribute that to high fuel costs but you actually got a gain from fuel hedging. so if you didn't do this, the results would have been much worse? >> well, indeed. i mean
we keep consider we have a look at what's going on in the opec and non-opec countries to bring these things together in our monthly report. >> thank you very much. of course, the action still considers here in kuwait. for now it's back to you, chloe. >> thanks so much for that. certainly opec trying the best they can, but certainly they are balancing out issues involving the non-opec issues and that also explains why energy prices have been high, and that factor plus falling...
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Mar 29, 2012
03/12
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meeting, described as the worst opec meeting ever. there was concern about the u.s. government expressing concern that opec didn't step up to the table and increase supplies given libya was offline, and the saudis did. so the hawks and opec, venezuela and iran look to increase price, not volume, the saudis stepped up and said we want a balanced market, we'll increase supply. i think we're diluting the impact of opec by bringing responsible players to the g will have 20. i do think, and senator murkows murkowski, i know you've talked about this before, the iae, sharing arrangement needs an overhaul in terms of obligations and how we identify stock holding and a bnch of things that we do on a joint engage c mean, unless we make the change, that institution is very much in danger of being irrelevant. >> dr. horsnell you want to bring an eu perspective for us or british per speckive? se i h grounds to do that. i've mentioned already there are specific circumstance where is there is a foreign policy aspect and we already mentioned perhaps
meeting, described as the worst opec meeting ever. there was concern about the u.s. government expressing concern that opec didn't step up to the table and increase supplies given libya was offline, and the saudis did. so the hawks and opec, venezuela and iran look to increase price, not volume, the saudis stepped up and said we want a balanced market, we'll increase supply. i think we're diluting the impact of opec by bringing responsible players to the g will have 20. i do think, and senator...
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Dec 11, 2012
12/12
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>> you know opec is becoming more exciting. melissa: it is. >> power grab for what little power opec really has nowadays. we're coming off stories u.s. domestic production is through the roof. our friends in canada still sending us oil. opec is trying to stay relevant. right now they're struggling with that. who wants to produce as much oil? the saudies are always on top. venezuela is always very vocal. at the end of the day opec is becoming quieter and less relevant. melissa: it is but still 40% of the world's oil. patrick, thanks for coming on. you're always fantastic. >> thanks. melissa: time to check the fuel gauge. natural gas line exploded in west virgina. the massive inferno engulfed five homes. shut down interstate 77. no injureries luckily have not been reported yet. a cause for the blast has not been determined. >>> opec's oil out put fell in november. platts said the production% slipped by 91,000 a barrels a day. 31.17 million. the reduction largely do to 232,000 barrels a day cut back by saudi arabia. opec's output
>> you know opec is becoming more exciting. melissa: it is. >> power grab for what little power opec really has nowadays. we're coming off stories u.s. domestic production is through the roof. our friends in canada still sending us oil. opec is trying to stay relevant. right now they're struggling with that. who wants to produce as much oil? the saudies are always on top. venezuela is always very vocal. at the end of the day opec is becoming quieter and less relevant. melissa: it is...
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determines the supply and opec of course has an agenda that agenda is to bank. an enormous amount of money this year and they intend to do that and game theory we call that a focal focal. and their goal is to get as much this year as a guide last year which was an enormous amount of money and so they want to not allow the price to go down if you were in their place you would do exactly the same thing it's not speculation well we'll get back to him just thank you yes i'll get to speculation in a second her what do you think the reasons are and supply and demand is the market out of whack is it reacting to market forces or is it opec just just going to banking itself a time and enormous amount of cash. look i don't disagree with fred but i do think there's something else at play here and that is since two thousand and five oil production worldwide has been flat and besides that global net exports have actually been declining from about forty five and a half million barrels a day to about forty two and a half million barrels a day and that means importers like the
determines the supply and opec of course has an agenda that agenda is to bank. an enormous amount of money this year and they intend to do that and game theory we call that a focal focal. and their goal is to get as much this year as a guide last year which was an enormous amount of money and so they want to not allow the price to go down if you were in their place you would do exactly the same thing it's not speculation well we'll get back to him just thank you yes i'll get to speculation in a...
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Jul 12, 2012
07/12
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i know when people talk about the potential for prices to come down, the typical response is that opec will modulate production in order to keep prices relatively high. they have revenue -- the member countries have revenue needs and so on. ed, is there a point where those countries, there's so much volume coming from else where that those countries have to make a choice between how much they sell and the price they get, and that causes prices to come down and undermine north american production? >> yeah, i mean there's no doubt that a lot of what is unfolding has resulted from effectively an opec subsidy of drillers, and built into a model at least for a short period of time is the issue that you just raised, namely the fiscal requirements of commodity-producing countries and it's not, by the way, just venezuela and iran. it's also russia, which has a higher break even number even than saudi arabia, which is much lower than those. so i think there are a whole bunch of trade-offs. some of it are trade-offs that are already developing, so this is, you don't have to wait for north americ
i know when people talk about the potential for prices to come down, the typical response is that opec will modulate production in order to keep prices relatively high. they have revenue -- the member countries have revenue needs and so on. ed, is there a point where those countries, there's so much volume coming from else where that those countries have to make a choice between how much they sell and the price they get, and that causes prices to come down and undermine north american...
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Aug 29, 2012
08/12
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they tell you, opec tells you they have to have, oh, different countries and in opec have a different price to meet their budgets. and but, it's about $100 a barrel. so they tell you that they have to have that to meet their budgets. they're going to get it. all they have to do, if they want the price up is cut back supply. and the price will go right up. so it's, count on brent north sea crude, which is opec priced, being above $100 a barrel. >> how does that influence the election in the united states? how does it influence for president obama or for mitt romney? >> you know i don't know how, you know, i don't know how it would. the, if people understand that the price of global price of oil is, is set by opec, they understand that, that the president, obama, has nothing to do wit that. but, know this. that the united states has a cheapest energy in the world. brent north sea crude is 115. we're, west texas intermediate which is our national crude price, is under 100. so it is 15% cheaper than the global price but our natural gas is 75% cheaper. you look at today's natural gas price
they tell you, opec tells you they have to have, oh, different countries and in opec have a different price to meet their budgets. and but, it's about $100 a barrel. so they tell you that they have to have that to meet their budgets. they're going to get it. all they have to do, if they want the price up is cut back supply. and the price will go right up. so it's, count on brent north sea crude, which is opec priced, being above $100 a barrel. >> how does that influence the election in...
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you've picked opec. so you picked opec and opec is the winner historically. but we are i get really -- >> bent out of shape. >> oh, hell, it really does piss me off that you can't get something done that's as obvious as this is. >> boone, you mentioned nat gas. have we bottomed on nat gas prices? where do you see that heading? >> you're shutting down the rigs, 800 to 500, down from a billion over a year ago before the rigs started shutting down. you're going to tighten this thing up. when i look out at summer next year three plus, i think that's where you're going to be. i think you bottomed out on natural gas prices. >> i'm google to ask you to sit tight. i'm going to take a break. i hope you'll sit there and we'll talk on the other side of the break. our conversation with legendary t. boone pickens isn't over. find out his top pick in the energy space when we come back. laces? really? slip-on's the way to go. more people do that, security would be like -- there's no charge for the bag. thanks. i know a quiet little place where we can get some work done. the
you've picked opec. so you picked opec and opec is the winner historically. but we are i get really -- >> bent out of shape. >> oh, hell, it really does piss me off that you can't get something done that's as obvious as this is. >> boone, you mentioned nat gas. have we bottomed on nat gas prices? where do you see that heading? >> you're shutting down the rigs, 800 to 500, down from a billion over a year ago before the rigs started shutting down. you're going to tighten...
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quality of life is on the up and up state side will talk about some other economic options and the opec of maple syrup has been wrong millions of dollars worth of the hot commodity has been stolen from canada's maple syrup cartel yes cartel i said maple syrup cartel and those are not my words that's according to the new york times we'll talk about it in loose change let's get to today's capital account. in the u.s. as we watch this fiscal cliff charade it honestly sounds just so much like what we were hearing during the debt ceiling debate of two thousand and eleven when lawmakers were bickering and another ratings agency was threatening to drop the u.s. is aaa credit rating and then it of course did now that was met with much fanfare in the beginning but then not many direct consequences the dollar has strengthened against other currencies the u.s. has borrowed at record low rates since and maybe this whole fiscal cliff saga will play out in the exact same way and if another ratings agency in this case downgrades the u.s. so what won't matter and with events that actually do change the
quality of life is on the up and up state side will talk about some other economic options and the opec of maple syrup has been wrong millions of dollars worth of the hot commodity has been stolen from canada's maple syrup cartel yes cartel i said maple syrup cartel and those are not my words that's according to the new york times we'll talk about it in loose change let's get to today's capital account. in the u.s. as we watch this fiscal cliff charade it honestly sounds just so much like what...
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he liked his performance at the debate, the fact that he is tough on opec and the fact that he was tough on china. >> mitt is tough. he's smart. he's sharp. he's not going to allow bad things to continue to happen to this country we all love. >>reporter: what is the net effect? mitt romney has a 20-point lead over newt gingrich, leading 45-25 and a head of steam after the florida win and this poll was taken before florida and he won the state back in 2008 with 51 percent of vote but here is something to consider a recent fox news poll found 27 percent of people said that donald trump's endorsement would cause temperature to probably vote against that candidate. so, we will see how it goes, neil, but here in nevada it is safe to assume that it may actually help to boost mitt romney. the polls, and certainly a blow to newt gingrich because it also tends to reinforce that sense of inevitability when it comes to a romney candidacy. >>neil: in the state of nevada, does it carry clout? >>reporter: it does, because trump is a big player here. although his hotel is off the las vegas strip, he is
he liked his performance at the debate, the fact that he is tough on opec and the fact that he was tough on china. >> mitt is tough. he's smart. he's sharp. he's not going to allow bad things to continue to happen to this country we all love. >>reporter: what is the net effect? mitt romney has a 20-point lead over newt gingrich, leading 45-25 and a head of steam after the florida win and this poll was taken before florida and he won the state back in 2008 with 51 percent of vote but...
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i believe al-naimi is such a good representative of opec. he came out back in april when prices were running up and showed his frustration and said look, we need to get prices down. saudi arabia is the lynchpin of opec. they have spare capacity. they already have the production levels there that they can put onto the market. so that is what he did back in april. that is what kept prices down. he did a successful job there assad saud did. and they just really highlighted they're really in control. that is why you have seen -- go on. melissa: the other side has gotten really aggressive. we saw at the last meeting, rafael ramirez, representative from venezuela getting up talking about the fact they have more proven reserves than saudi arabia. saying they're a bigger oil giant. they brought studies from bp along to back the claim. if you look at opec's website now, they recognize venezuela being on top even though their production really lacks, but, you know, is the thooid turning inside opec? >> that is exactly the point there you made, melissa
i believe al-naimi is such a good representative of opec. he came out back in april when prices were running up and showed his frustration and said look, we need to get prices down. saudi arabia is the lynchpin of opec. they have spare capacity. they already have the production levels there that they can put onto the market. so that is what he did back in april. that is what kept prices down. he did a successful job there assad saud did. and they just really highlighted they're really in...
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May 30, 2012
05/12
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he understands what opec is doing to this country. they are really, really hurting us badly. and i think that, you know, more than anybody else, mitt romney understands that. >> all right. he understands that. he doesn't agree with you about everything. he made that very plain in a sound bite where he said that he doesn't agree with everybody that supports him and he doesn't expect everyone that supports him to agree with him. let me turn to the electrifying issue and that's the wholeish you about birther. you and i have disagreed about this in the past and i assume gov. romney has as well. what has brought it back up on the radar screen in it was silent for a while. >> it wasn't brought up by me. it was brought up by somebody releasing a statement from the 1990s from barack obama when he was not even thinking in terms of the presidency and strongly stated that he was born in kenya and raised in indonesia. after that came out by breitbart and some others who did actually other pretty good job on it, i must tell you, but when that came out everybody started calling me and i ga
he understands what opec is doing to this country. they are really, really hurting us badly. and i think that, you know, more than anybody else, mitt romney understands that. >> all right. he understands that. he doesn't agree with you about everything. he made that very plain in a sound bite where he said that he doesn't agree with everybody that supports him and he doesn't expect everyone that supports him to agree with him. let me turn to the electrifying issue and that's the wholeish...
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the opec price. snow a friendly reminder. that's the role of the saudis. what about the role in washington? >> washington is leaderless in my opinion when it comes to energy. we have no leadership from the executive branch and partisan particles paralysis in the legislative branch. what this country needs, many have said it a comprehensive short term-long term plan. we have more energy than we can ever use but instead we are seeing in federal lands declines in production. and in private lands increases in the last few years has nothing to do with the federal government, has to do with private land owners and state permitse permits. thank goodness for that because otherwise we'd be more at the oil marketplace. >>> we will get big reaction from a company that makes batteries for electric cars. fi phil lebeau, i know you interviewed the ceo a moment ago. what did he say? >> new technology they're disclosing. new lithion ion battery to allow it to work at lower extreme temperatures without a heating elem
the opec price. snow a friendly reminder. that's the role of the saudis. what about the role in washington? >> washington is leaderless in my opinion when it comes to energy. we have no leadership from the executive branch and partisan particles paralysis in the legislative branch. what this country needs, many have said it a comprehensive short term-long term plan. we have more energy than we can ever use but instead we are seeing in federal lands declines in production. and in private...